Russian oil exports have fallen to their lowest level in almost a year and a half.
.in_text_content_22 { width: 300px; height: 600px; } @media(min-width: 600px) { .in_text_content_22 { width: 580px; height: 400px; } }
In July, Russian oil product exports from major Western ports fell to their lowest level in 19 months, while overall oil exports fell to their lowest level in nearly a year. Global supplies fell by about 586,000 barrels a day last month, Bloomberg reported.
According to the publication, there has been a significant reduction in oil supplies to China, where more than 1.4 million barrels per day have fallen. This is the largest drop in 2024.
The article says that increased oil exports from Saudi Arabia and the United States partially offset declines in supplies from offshore Brazil, Venezuela and Qatar.
In addition, a separate analysis showed that overall Russian oil exports by sea were the lowest in almost a year, with shipments from Baltic ports falling to their lowest level since December 2022.
Western sanctions have reportedly resulted in half of Russia’s oil and oil product exports going to China in 2023. India, which previously imported almost no Russian oil, has reached a 40% supply figure in two years.
Let us recall that in June Ukraine tightened sanctions against the Russian Lukoil, which effectively prohibit the company from using Ukraine as a transit country for its products. Thus, Slovakia and Hungary no longer receive oil from the aggressor country.
Source: Bloomberg
Source: Racurs
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.